Contents:
M Vest Water - In brief
Our Mission, Products and Expertise Highlights and Key figures
Letter from the Executive Chairman Markets and Patents
Sustainability
Business Update
Salmon Slaughterhouse Solutions - High Purification Efficiency and Stable Operation Oil & Gas - Status Pilots and Customer Confidence
Dredging - The Long-Term Trial at METHA has Commenced
Financial Review and Outlook
Consolidated Interim Financial Statements and Notes
QUICK FACTS:
Founded in 2017
HQ in Bergen, Norway Subsidiary in Germany Listed on Oslo Euronext Growth
51 patents in 26 countries
M Vest Water (MVW)
- in brief
Delivers green and bio-degradable water and wastewater treatment products.
Support industries in solving water pollution challenges.
Targets large global industries with extensive water treatment needs such as:
Our Mission
"To innovate eco-friendly water treatment solutions,
minimize hazardous chemical impact and support a circular economy"
Our Products and ExpertiseNORWAFLOC® :
Based on natural and biodegradable products, no harm to nature.
Substitute for synthetic chemicals, widely used.
NORWAPOL®:
Novel filtration process. Removes particles, oil droplets and numerous other contaminants towards non-detectible levels.
SOLUTION PROVIDER:
Chemical & Technical Expertise. Equipment deliveries.
Highlights
Key Figures
Letter from the Executive Chairman
First to Move. First to Capture Opportunities.
Nearly two years have passed since the introduction of the EU regulations for the aquaculture industry. To date, two of Norway's 45 salmon slaughterhouses have been required to implement water treatment under the new framework. Both facilities, completed in 2024, chose to integrate NORWAFLOC® from the very start of their operations. In addition, an Icelandic slaughterhouse has implemented the NORWAFLOC® solution.
Several slaughterhouses are currently receiving feedback from the authorities regarding their exemption applications. So far, no exemptions have been granted. However, deadlines ranging from two to four years have been issued. Our focus remains on supporting the industry in maintaining its license to operate and enabling companies to concentrate on their core production activities.
We expect strong growth in the salmon slaughterhouse segment. By maintaining our leading position, we have good visibility into future expansion as the implementation deadlines for the EU regulations expire. Furthermore, we are seeing encouraging growth across other areas of the aquaculture industry. This is driven by a combination of a stricter regulatory environment, the expansion of land-based fish farming, and improved economics for our clients through sustainable water management. Together, these trends are creating new opportunities for innovation and expansion throughout our business.
By the end of the third quarter, our production volumes had increased to 250,000 liters, representing a 67% year-over-year growth. Sales of our NORWAFLOC® products rose to NOK 14.5 million, a 79% increase
compared to the same period last year. This growth was primarily driven by the aquaculture segment, confirming the profitability of this market. Our goal is to achieve similar profitability across our other segments.
The strong pipeline of pilots and tenders within the dredging and oil & gas sectors provides a solid foundation for further growth. Notably, our long-term pilot with the dredging company METHA at the Port of Hamburg is progressing according to plan, while promising projects in the Middle East represent significant long-term opportunities for our technology.
The successful completion of our recent Private Placement, executed at a 25% premium,
reflects strong investor confidence in MVW's technology and long-term potential. The proceeds will provide working capital to advance ongoing projects, strengthen our tender activities, and meet growing demand for NORWAFLOC® across all market segments.
As we move forward, we are pleased to see our technology gaining traction across different industries and regions. This progress is made possible by the commitment of our team, the trust of our clients and partners, and the ongoing support of our shareholders.
Thank you for sharing our vision of cleaner, more sustainable water!
Tar Oxax %abriẹxsẹn
Tor Olav Gabrielsen (Executive Chairman)
Markets and Patents
MVW has ongoing business in the USA, Middle East, Germany, and Norway.
Our technology qualification in the USA has been crucial for positioning ourselves in the sales arena within the international oil and gas markets in the USA and the Middle East.
Germany, as a key market in Europe for dredging and municipal wastewater, is central to MVW's strategy for local expansion.
In Norway, MVW is focusing on the aquaculture industry, which is a global leader in salmon farming.
Our unique technology is now secured by five patents, which have obtained 51 grants in 26 countries. This includes patents in North and South America, Australia, the Middle East, and Europe.
Sustainability
Third Quarter 2025 Business Update
Salmon Slaughterhouse Solutions - High Purification Efficiency and Stable Operation
The aquaculture segment continues to deliver solid profitability, with chemical sales up 79% year-to-date compared to 2024. The segment accounted for 90% of total revenues during the period.
Over the past quarter, MVW has focused on further optimizing and adapting our water treatment solutions for salmon slaughterhouses. Our sensor-based and adaptive chemical treatment technology, implemented at a Norwegian facility in Q2 2025, has demonstrated stable operation and high purification efficiency.
As the newly built facilities have scaled up production, increased water consumption and organic load have placed higher demands on system robustness and continuous operation. Through real-time monitoring, we now track process variations 24/7, analyze data trends, and proactively adjust system parameters to maintain optimal
performance. This enables consistently high purification efficiency across relevant compliance parameters.
Recognizing that wastewater treatment and sludge management are closely linked, MVW is also exploring improved dewatering methods to ensure a complete and integrated approach for future systems.
During the ongoing transition phase, MVW continues to use the time efficiently while awaiting feedback from the authorities on exemption requests. As an early mover in this market, we are addressing both the opportunities and challenges of adapting to new regulatory requirements.
Together with our clients, we have developed and implemented solutions that help salmon slaughterhouses comply with existing and upcoming standards, manage variations in regulatory interpretation and laboratory practices, and adapt system design to local conditions and fluctuating production volumes. These efforts remain key to maintaining our market-leading position.
Oil & Gas - Status Pilots and Customer Confidence
Over the past year, we have focused on establishing our presence in the Middle Eastern market. Our approach has been twofold, winning contracts to pilot our technology and securing participation in tender processes for long-term deliveries of our products and solutions. We have made important progress, even though the path to long-term contracts is time-consuming. To this date, we have secured three assignments for our products.
Back in April 2024, we announced our first contract in the Middle East Oil & Gas produced water market. Implementation of this project is scheduled to start at the end of the year, and we have now received the first set of orders associated with this contract.
In 2025, through our regional agent, we signed two additional assignments aimed at qualifying our technology in key markets. The first is a contract to qualify our technology at an oil treatment facility in Saudi
Arabia. The trial has been rescheduled and is now estimated to commence in Q1 2026. The second is an ongoing Green De-Oiler Technology Trial with a national major Oil & Gas producer in Oman.
In the Norwegian Oil & Gas market, MVW secured two additional orders from existing customers. Both orders follow two years of successful operations and represent a strong validation of our technology. In July, a large Norwegian oil terminal placed an order for a second NORWAPOL® retrofit, our patented polishing process tailored to the use of our natural-based NORWAFLOC®.
In August, MVW received a project assignment from SAR to support the optimization of the water treatment process at its Mongstad facility. The project has so far been highly successful and is now approaching its final stages. Collaboration with SAR has been excellent, resulting in significant performance improvements and noticeably better purification results.
Dredging - The Long-Term Trial at METHA has Commenced
The most significant development in Germany this quarter is our collaboration with METHA, a flagship in the dredging industry renowned for its scale and leadership in sustainable dredging
management. METHA's dewatering plant processes all dredging sludge generated from continuous operations required to keep the port of Hamburg operational for approximately 12,000 ships annually and is often referred to as the "washing machine of the port of Hamburg."
In October, MVW received a purchase order on commercial terms from METHA for a longterm trial at the Hamburg dredging plant. This milestone
follows the successful completion of the third of four qualification stages for NORWAFLOC® at METHA in
July.
The fourth and final stage, a paid long-term trial, has now commenced. Under this trial, MVW will supply its natural NORWAFLOC® products for the dewatering of approximately 10,000 m³ of pre-thickened dredging sludge per month, representing more than one-third of the current average volumes treated at METHA.
Upon successful completion of the upcoming long-term qualification run and provided both METHA's and Hamburg Port Authorities' expectations are met, MVW will be technically qualified for further commercial negotiations with METHA regarding long-term contracts.
Third Quarter 2025 Financial Update
Strong Investor Confidence as MVW Raises Capital at a Premium
In the third quarter of 2025, revenues amounted to NOK 6.9 million, up from NOK 5.3 million in Q3 2024. A larger portion of sales in the reporting quarter was derived from annual recurring revenues, representing a year-over-year increase of 33% compared to Q3 2024 (79% YTD).
As of today, the aquaculture segment has demonstrated the highest growth. Revenues from this sector accounted for approximately 90% of total revenues in Q3, 2025. The revenues consist of chemical sales, equipment sales, as well as optimization and service work.
EBITDA showed a negative result of NOK 3.5 million in the third quarter of 2025, an improvement from the negative result of NOK 5.1 million in the third quarter of 2024. Our CAPEX remains low and investments in the third quarter totaled NOK 0.5 million, primarily directed towards patents and R&D.
Total assets at the end of the third quarter were NOK 47.4 million, compared to NOK 46.3 million in the same period in 2024. Cash flow from operating activities in the quarter was negatively NOK 3.2 million. The company has a credit facility of NOK
8.0 million issued by the bank, of which NOK 4.4 million was drawn as of September 30th, 2025.
In October, MVW successfully completed a fully underwritten Private Placement, raising NOK 8 million in gross proceeds at a subscription price of NOK 8 per share. In addition, two existing shareholders have converted shareholder loans totaling NOK 12.6 million at the same subscription price.
The subscription price represented a 25% premium to the recent trading price, reflecting strong confidence in the company and highlighting the continued trust and long-term commitment from our shareholders. The proceeds will be used as working capital to support the company's ongoing projects and tender activities, and to meet the growing demand for NORWAFLOC® products across all segments.
Looking ahead, we have several key pilot projects and full-scale trials planned for the coming quarters. The company is committed to achieving growth across all prioritized business segments. Our efforts are fully dedicated to ensuring the successful completion of these trials, with the ultimate goal of securing long-term contracts for our environmentally friendly technology.
Consolidated Interim Income statement and other comprehensive income
M Vest Water Group
All figures are in NOK 1000 and are unaudited
Operating in. and exp. | Notes | 3Q 2025 | 3Q/YTD 2025 | 3Q 2024 | 3Q/YTD 2024 | ||
Revenue | 6 915 | 19 281 | 5 313 | 17 952 | |||
Total revenue | 6 915 | 19 281 | 5 313 | 17 952 | |||
Cost of goods sold | 2 450 | 7 783 | 2 016 | 10 436 | |||
Change in inventory | 99 | 379 | 0 | 0 | |||
Employee benefits expense 1 | 5 706 | 15 224 | 6 766 | 16 804 | |||
Capitalized employee benefits expense | -285 | -826 | -515 | -1 550 | |||
Depreciation and amort. 2 | 794 | 2 364 | 779 | 2 288 | |||
Other operating expenses | 2 418 | 7 485 | 2 173 | 7 175 | |||
Total expenses | 11 183 | 32 410 | 11 219 | 35 153 | |||
Operating profit/loss (EBIT) | -4 268 | -13 128 | -5 906 | -17 201 | |||
Financial income and expenses Other interest income | 0 | 2 | 2 | 193 | |||
Other financial income | 17 | 124 | 15 | 222 | |||
Other interest expenses | 420 | 827 | 63 | 419 | |||
Other financial expenses | 106 | 256 | 51 | 341 | |||
Net financial items | -509 | -957 | -97 | -345 | |||
Net profit before tax | -4 776 | -14 086 | -6 003 | -17 546 | |||
Income tax expense | 0 | 0 | 0 | 0 | |||
Net profit after tax | -4 776 | -14 086 | -6 003 | -17 546 | |||
Net profit or loss 3, 4 | -4 776 | -14 086 | -6 003 | -17 546 | |||
Total comprehensive income | -4 776 | -14 086 | -6 003 | -17 546 | |||
Attributable to Transferred from equity | 4 776 | 14 085 | 6 003 | 17 546 | |||
Total | -4 776 | -14 085 | -6 003 | -17 546 |
M Vest Water Group Side 1
Consolidated Interim Balance sheet
M Vest Water Group
Assets Notes 3Q/YTD 2025 | 3Q/YTD 2025 | 3Q/YTD 2024 | 3Q/YTD 2024 | |||
Non-current assets | ||||||
Intangible assets Capitalized R&D 2 13 890 | 13 890 | 12 304 | 12 304 | |||
Patents and trademarks 2 8 812 | 8 812 | 7 804 | 7 804 | |||
Total intangible assets 22 702 | 22 702 | 20 108 | 20 108 | |||
Machinery and equipment 2 5 193 | 5 193 | 5 502 | 5 502 | |||
Equip. and other movables 2 4 062 | 4 062 | 4 338 | 4 338 | |||
Office facilities (ROA) 2 8 386 | 8 386 | 3 306 | 3 306 | |||
Total property, plant and equipment 17 641 | 17 641 | 13 146 | 13 146 | |||
Other non-current receivables 129 | 129 | 63 | 63 | |||
Total non-current financial assets 129 | 129 | 63 | 63 | |||
Total non-current assets 40 472 | 40 472 | 33 317 | 33 317 | |||
Current assets | ||||||
Inventories 2 181 | 2 181 | 1 306 | 1 306 | |||
Debtors Accounts receivables 5 3 567 | 3 567 | 3 118 | 3 118 | |||
Other current receivables 1 215 | 1 215 | 837 | 837 | |||
Total receivables 4 781 | 4 781 | 3 955 | 3 955 | |||
Cash and cash equivalents 0 | 0 | 7 730 | 7 730 | |||
Total current assets 6 963 | 6 963 | 12 991 | 12 991 | |||
Total assets 47 435 | 47 435 | 46 308 | 46 308 |
M Vest Water Group Page 2
Consolidated Interim Balance sheet
M Vest Water Group
Equity and liabilities | Notes | 3Q/YTD 2025 | 3Q/YTD 2025 | 3Q/YTD 2024 | 3Q/YTD 2024 | |||
Equity | ||||||||
Paid-in capital Share capital | 3, 4, 6 | 74 | 74 | 74 | 74 | |||
Share premium reserve | 4 | 14 277 | 14 277 | 35 344 | 35 344 | |||
Share option based plan | 1, 4 | 2 550 | 2 550 | 1 710 | 1 710 | |||
Total paid-up equity | 16 902 | 16 902 | 37 128 | 37 128 |
Total equity | 4, 7 | 16 902 | 16 902 | 37 128 | 37 128 | |||
Liabilities Other non-current liabilities 2 | 7 206 | 7 206 | 1 290 | 1 290 | ||||
Total non-current liabilities | 7 206 | 7 206 | 1 290 | 1 290 | ||||
Current liabilities Liabilities to fin. institutions 5 | 4 380 | 4 380 | 1 000 | 1 000 | ||||
Trade payables | 2 242 | 2 242 | 2 143 | 2 143 | ||||
Public duties payable | 1 505 | 1 505 | 1 632 | 1 632 | ||||
Other current liabilities 2, 5 | 15 200 | 15 200 | 3 115 | 3 115 | ||||
Total current liabilities | 23 327 | 23 327 | 7 890 | 7 890 | ||||
Total liabilities | 30 533 | 30 533 | 9 180 | 9 180 | ||||
Total equity and liabilities | 47 435 | 47 435 | 46 308 | 46 308 | ||||
M Vest Water Group Page 3
M Vest Water Group | ||||
Interim Consolidated Cash Flow Statement | 3Q 2025 | 3Q/YTD 2025 | 3Q/YTD 2024 | |
Cash flow from operating activities | ||||
Profit/(loss) before income tax | -4 776 | -14 086 | -17 546 | |
+ | Depreciation, amortization | 794 | 2 364 | 2 288 |
+ | Share based payment expenses | 138 | 703 | 866 |
+/- | (Increase)/decrease in inventories | -8 | -1 186 | -565 |
+/- | (Increase)/decrease in trade receivables | 16 | -520 | -1 420 |
+/- | (Increase)/decrease in other receivables | 320 | 126 | 1 599 |
+/- | Increase/(decrease) in other liabilities | 238 | -1 466 | -3 835 |
+/- | Increase/(decrease) in trade and other payables | 18 | -1 167 | 184 |
= | Net cash flow from operating activities | -3 235 | -15 232 | -18 430 |
Cash flow from investment activities | ||||
+ | Capital expentitures PPE | -73 | -162 | -202 |
- | Capital expentitures patents, R&D | -444 | -1 478 | -3 033 |
= | Net cash flow from investment activities | -517 | -1 640 | -3 235 |
Cash flow from financing activities | ||||
- | Installments borrowings financial institutions | -251 | -750 | -750 |
- | Cash credit financial institutions * | 4 003 | 4 380 | 0 |
+/- | Loan from owners | 0 | 12 000 | 6 000 |
+ | Increase in paid-in share capital | 0 | 0 | 20 000 |
- | Transaction costs on share capital increase | 0 | 0 | -1 337 |
= | Net cash flow from financing activities | 3 752 | 15 630 | 23 913 |
Exclusive of cash credit: | ||||
= | Net (decrease)/increase in cash and cash equivalents | 0 | -1 244 | 2 248 |
+ | Cash and equivalents at beginning of the period | 0 | 1 244 | 5 481 |
= | Cash and equivalents at end of the period | 0 | 0 | 7 730 |
* Liquidity position incl. cash credit | ||||
= | Net change in period increase/(decrease) | -4 003 | -5 624 | 2 249 |
+ | Cash (+)/ cash credit overdraft (-) beginning of the period | -377 | 1 244 | 5 481 |
= | Cash (+)/ cash credit overdraft (-) at end of the period | -4 380 | -4 380 | 7 730 |
Note to the financial statements
Basis of preparation
MVW's condensed consolidated interim financial statements for the third quarter of 2025 were authorized for issue by the Board of Directors on 17 November 2025.
The financial statements and disclosures as of 30 September 2025 are consolidated and include the activity in the 100 % owned German subsidiary M Vest Water GmbH in the period.
These condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The condensed interim financial statements do not include all the information and disclosures required by IFRS. For a complete set of financial statements, these condensed interim financial statements should be read in conjunction with the annual statement of 2024.
The condensed interim financial statements are unaudited. The audit will be carried out in connection with the 2025 year-end closing.
Fair Value:
The condensed interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period.
Use of estimates:
The preparation of financial statements in conformity with simplified IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, considering current and expected future market conditions.
Note 1 Share based option plan
MVW has granted share options to key employees in January 2023 and January 2024.
The option holders may exercise vested options during the period of 15 Norwegian business days from the 1st of April each year. Each option, when exercised, give the right to subscribe for one share in the company at an exercise price defined in the option plan. As of 30.09.2025, nine employees held share options.
The options are granted under the plan for no consideration and carry no dividend or voting rights before exercise of the options. The value of the options is determined at grant dates. The expected number of options exercised is estimated using an expected turnover on a yearly basis. The estimated cost is expensed over the vesting period.
Movements during the year | Average exercise price per share option | Number of options |
As at 1 January 2025 | 10,79 | 725 000 |
Granted in 2025 | 0,00 | 0 |
Exercised during the year | 0,00 | 0 |
Forfeited during the year | 8,70 | -30 000 |
Expired during the year | 0 | 0 |
As at 30 Sept 2025 | 10,88 | 695 000 |
Number of options | ||
Shares options held by group management and board members: | as at 30 Sept 2025 | |
Atle Mundheim (Board member and CTO) | 180 000 | |
Morten Hilton Thomassen (CFO) | 170 000 | |
Total | 350 000 | |
Personell expenses - share based remuneration: | Amounts in NOK as at 30 Sept 2025 | |
Share based renumeration (salary) | 703 038 | |
Share based renumeration (social security tax) | 99 128 | |
Total | 802 166 | |
The options granted shall vest with 1/3 upon the first anniversary of the grant date (31.01.2024/31.01.2025), 1/3 on the second anniversary of the grant date (31.01.2025/31.01.2026) and 1/3 on the third anniversary of the grant date (31.01.2026/31.01.2027). Each option expires on the third anniversary of its vesting date.
Applied assumptions and inputs in the valuation of the options
The value of the options is determined at the grant dates by applying the Black-Scholes option pricing model. The Black-Scholes model considers the share price at the grant date, time until execution, exercise price,
riskfree interest rate and volatility. In addition, the value is adjusted with respect to expected turnover, as share options which belongs to employees who resigns will be terminated.
Note 2 Intangible assets, Machinery, Equipment and Right-of-use assets (ROA)
amounts in NOK 1000 | Capitalized development costs | Patents and trademarks | Machinery and equipment | Equipment and other movables | Right of use assets (IFRS 16) | Totals |
Acquisition cost | 13 064 | 8 847 | 6 099 | 7 435 | 7 934 | 43 380 |
01.01.2025 | ||||||
Additions salaries | 826 | 0 | 0 | 0 | 0 | 826 |
Additions: invoice exp. | 0 | 652 | 0 | 162 | 0 | 814 |
CPI adj./option leasing* | 0 | 0 | 0 | 0 | 6 738 | 6 738 |
Acquisition cost | 13 890 | 9 500 | 6 099 | 7 597 | 14 672 | 51 758 |
30.09.2025 | ||||||
Acc. depreciation and | 0 | -460 | -906 | -3 535 | -6 286 | -11 187 |
amortization 30.09.2025 | ||||||
Acc. impairments | -228 | -228 | ||||
30.09.2025 | ||||||
Net booked amount | 13 890 | 8 812 | 5 193 | 4 062 | 8 386 | 40 343 |
30.09.2025 | ||||||
This year`s deprciation | - | -37 | -305 | -781 | -1 241 | -2 364 |
and amortization | ||||||
Useful economic life | Indefinite | 3 yrs 1) / Indefinite | 15 yrs 2) | 3-10 yrs | 5 yrs 3) | |
Depreciation method Annual Annual Linear | Linear | Linear | ||||
impairment | impairment/ | |||||
Linear | ||||||
Capitalized website costs are depreciated on a straight-line basis over a period of 3 years.
The mobile container Norwamix has been fully delivered and depreciation started July 2023.
Office Lease (ROA) is recorded and depreciated accordring to estimated lease duration.
Research and Development, Patents and Trademarks
The company's research and development activities encompass several innovative solutions for water treatment, including development of products, equipment, and processes. The cost of internally generated intangible assets includes all directly attributable expenses required to design, produce, and prepare the asset for its intended operational use as determined by management.
Examples of such directly attributable costs include:
Expenses for materials and services consumed during the creation of the intangible asset.
Employee benefits (as defined in IAS 19) directly related to the asset's development.
Fees for registering legal rights.
Amortization of patents and licenses necessary for generating the intangible asset.
Plant and Machinery
The company received grants totaling NOK 5.1 million from Innovation Norway to support the development of the Norwamix machine. The machine was successfully delivered, tested, and the project completed and reported during the first half of 2023. The estimated useful life of the Norwamix machine is 15 years, with depreciation commencing in mid-2023.
Right-of-Use Assets (ROA) and Lease Liabilities (IFRS 16)
Following the adoption of simplified IFRS as of January 1, 2021, MVW has recognized its office facilities in Norway and Germany as lease contracts under IFRS 16. *The increase in ROA and corresponding lease liability during 2025 (first quarter) is due to the reassessment of the lease term following the exercise of an anticipated extension option in the office lease agreement in Norway.
Depreciation, amortization and impairment
The Group employs a linear depreciation method for its machinery and equipment, spreading the depreciation expense over their anticipated lifetime. Intangible assets within the Group are considered having an indefinite useful life (with exception of capitalized website costs), indicating no foreseeable limit to the period during which these assets are expected to yield economic benefits. Instead of depreciation, an annual impairment test (IAS 36) is conducted to assess the value of the intangible assets.
Note 3 Earnings per share
Basic earnings per share are calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year.
Basic earnings per share continuing operations (amounts in NOK 1000) | YTD 3Q 2025 | YTD 3Q 2024 |
Profit/(loss) attributable to equity holders of the company | -14 086 | -17 546 |
Weighted average number of ordinary share in issue | 32 718 | 32 718 |
Basic earnings per share (NOK per share) | -0,4305 | -0,5363 |
The total outstanding amount of shares in the company was 32.717.827 common shares at 30 Sept 2025 with a nominal value of 0,002276522765 per share. There are only one share class.
Note 4 Equity | ||||
amounts in NOK 1000 | Share capital | Share premium | Share option based plan | Total equity |
As at 01.01.2025 | 74 | 28 386 | 1 847 | 30 308 |
Share option program | 703 | 703 | ||
Total comprehensive income | -14 086 | -14 086 | ||
Translation reserve | -23 | -23 | ||
As at 30.09.2025 | 74 | 14 277 | 2 550 | 16 902 |
Note 5 Liabilities to Financial Institutions and Owners
Liabilities to financial institutions: | |||
Effective Maturity interest rate date | 3Q/ YTD 2025 | 3Q/ YTD 2024 | |
Liabilities secured by mortages and guarantees | |||
amounts in 1000 NOK Loan financial institutions (5 years) | 4,5 % Oct 1st 25 | 0 | 1 000 |
Credit facility | 4 380 | 0 | |
Total liabilities to financial institutions | 4 380 | 1 000 | |
As at 30 September 2025, the five-year loan to financial institutions has been repaid in full.
Loan financial institutions:
A guarantee from Innovation Norway has been secured, covering 75% of the credit, adjusted for other collateral (loss guarantee). The bank loan is granted against a mortgage with a nominal value of 5 million NOK in accounts receivables.
Credit facility:
The company has a credit facility of 8.0 million NOK issued by the bank, hereof 4.380 million NOK drawn as of 30 September 2025. The credit facility is secured by inventory (10 million NOK), operating equipment (10 million NOK), and accounts receivable (10 million NOK). The loan draw-down cannot exceed 60 % of the value of executed contracts, accounts receivable, and inventory.
There are no other pledges, collateral, or guarantees associated with the company's debt to credit institutions.
Loan facility from owners (unsecured):
amounts in 1000 NOK
Maturity date
3Q /YTD
2025
3Q/YTD
2024
Loan facility from owners incl. interests | Dec 2025 | 12 516 | 0 |
Total current liabilities from owners | 12 516 | 0 |
In March 2025, the company entered into a loan agreement with its main shareholders, establishing a loan facility with a limit of 12 million NOK.
The facility is unsecured and will not be amortizing; any drawn amounts are to be repaid before or on December 31, 2025. Amounts drawn under the facility carries an interest rate of NIBOR 3M + 6 % per annum and a commitment fee of 1,5% per annum on any undrawn part of the facility.
In combination with the Private Placement on 29 October 2025, the outstanding shareholder loan including interests was converted to additional shares (ref. note 7 Subsequent events).
Liabilities due in > 5 years: | ||
3Q /YTD 2025 | 3Q /YTD 2024 | |
Liabilities due in > 5 years exclusive of leasing (IFRS 16) | 773 | 0 |
Total | 773 | 0 |
Note 6 Shareholders | |||
The total number of shares in MVW as at 30 Sept 2025 Ordinary shares | 32 717 827 | 0,00227652276 | 74 483 |
Total | 32 717 827 | 0,00227652276 | 74 483 |
Ownership Structure: | |||
Largest shareholders as at 30 Sept 2025 | Number of shares | Owner interest | Share of votes |
M VEST INVEST AS | 11 062 216 | 33,8 % | 33,8 % |
HAUGLAND GRUPPEN AS | 5 362 089 | 16,4 % | 16,4 % |
NORDEA FUNDS | 3 435 976 | 10,5 % | 10,5 % |
ATLICKHA HOLDING AS *) | 1 837 860 | 5,6 % | 5,6 % |
DNB ASSET MANAGEMENT | 1 601 614 | 4,9 % | 4,9 % |
M VEST ENERGY AS | 1 366 667 | 4,2 % | 4,2 % |
SLOTHE-HOLDING AS | 1 110 886 | 3,4 % | 3,4 % |
NORDNET LIVSFORSIKRING AS | 617 220 | 1,8 % | 1,8 % |
SK TUFTA HOLDING AS | 585 400 | 1,8 % | 1,8 % |
JARB HOLDING AS | 425 752 | 1,3 % | 1,3 % |
SILVERCOIN INDUSTRIES AS | 400 000 | 1,2 % | 1,2 % |
GALLARDO HOLDING AS | 395 100 | 1,2 % | 1,2 % |
STATTHAV AS | 368 073 | 1,1 % | 1,1 % |
M VEST AS | 343 990 | 1,0 % | 1,0 % |
Other ownership < 1 % | 3 804 984 | 11,6 % | 11,6 % |
Total | 32 717 827 | 100 % | 100 % |
*) Board member and CTO Atle Mundheim has 100 % ownership in Atlichka Holding AS.
Note 7 Subsequent events
On October 29, 2025, M Vest Water secured NOK 8,000,000 in gross proceeds through a private placement of 1,000,000 new shares, at a subscription price of NOK 8.00 per share.
In combination with the Private Placement, the company reached an agreement with two of its shareholders to convert their outstanding shareholder loans amounting to NOK 12,622,688 in total into 1,577,836 additional Offer Shares, also priced at NOK 8.00 per share.
Phone Number
+47 55 98 99 99
Email Address
info@mvestwater.com
Website
https://www.mvestwater.com